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Fact Sheet - Creditor Protection

There are some misconceptions on whether RRSPs are creditor protected. So, let's set the record straight. In some Canadian provinces such as Alberta, Ontario, Quebec, New Brunswick and Nova Scotia, RRSP assets are not protected from the claims of creditors unless they are held under an insurance contract issued by a life insurer and there is a designated beneficiary on record with the insurer.

There are some misconceptions on whether RRSPs are creditor protected. So, let's set the record straight. In some Canadian provinces such as Alberta, Ontario, Quebec, New Brunswick and Nova Scotia, RRSP assets are not protected from the claims of creditors unless they are held under an insurance contract issued by a life insurer and there is a designated beneficiary on record with the insurer.

Moreover, even where RRSPs enjoy protection under the Bankruptcy and Insolvency Act, that protection does not apply to contributions made in the 12 months prior to the bankruptcy date.

By contrast, all monies in pension plans, such as the INTEGRIS PPP, are protected by provincial pension legislation whether in the normal course of business or even after a bankruptcy date.

Fact Sheet - Connected persons and tax deductions

The tax-deductible contributions that can be made to an individual pension plan (or under the defined benefit component of a personal pension plan) depend, in part, on whether the pension plan is considered a designated plan or not.

Fact Sheet - Dividends or Salary?

Owners of Canadian Controlled Private Corporations (“CCPC”) have more choices than employees in terms of how to get compensated. The easiest method is through salaries and bonuses. Like all other salaried Canadians, the owner will have to pay taxes on their personal income at graduated income tax brackets.